How to Find the UK’s Best Forex Broker

If you’re looking to enter the UK forex trading market you need to find yourself a reliable and trustworthy UK forex broker, especially one that’s regulated by the FCA Financial Conduct Authority). You’ll do well to do some online research. Looking at as many individual broker and review sites as you can fit in. We’ll start by looking at what exactly UK forex brokers do. In the simplest of terms, they’re responsible for bringing together two parties, a buyer and seller, to participate in a foreign exchange trade. No commissions or fees are charged for their services but the broker makes his money on the difference between the buying and selling price of a currency pair. But providing a price and enabling the transaction is not all that they do. Their role is also to provide help, advice, knowledge and their experience and be a reliable partner for your journey into the exciting world of foreign exchange trading. Each one will differ slightly in what they offer and of course there will be some that are far better than others. The best forex brokers should be offering full training and support, an attractive bonus, low spreads, good leverage, an online trading platform that’s user-friendly, as well as being a member of a quality forex institution.


Broker Min Deposit Bonus Rating More
$ 100 N/A ★★★★★

fbs logo $ 1 $50 ★★★★★

$ 5 $30 Non-Deposit Bonus* ★★★★★

fxtm logo $ 5 N/A ★★★★★

hycm logo $ 100 $5000 ★★★★

hotforex logo $ 5 N/A ★★★★★

avatrade logo $ 100 40% ★★★★


*CFD Service. 80.6% lose money

Discover the Best Forex Broker UK with these Important Questions

There are some very basic questions to ask any prospective broker including:

  • What currency pairs do they offer?
  • What countries are they regulated in?
  • Ask for a description of the trading platforms on offer and are any of them mobile
  • How do you make a deposit or withdraw funds?
  • When is your customer service available and what support do they offer?
  • What are their latest forex bonus deals?


Criteria When Comparing the Best Online Forex Brokers

There are several relevant criteria when comparing different UK forex brokers and we’re going to look at a few of the most important.


It’s important to choose a regulated forex broker so you can be sure your money is safe should there be some kind of dispute and always ask for proof of their regulation. You can then be certain you’re protected from fraud, legally. Different countries have different regulations so choose one with an advanced legal framework, that is followed and effective. The regulatory country also needs to be relatively stable as any comeback will be difficult if this isn’t the case.


A company’s capitalisation is of paramount importance when looking for the best UK forex broker. A company who has issues with their capital should be given a wide birth, however good they look on the surface. Reviews of a company’s reserves can be found on the CFTC (Commodity Futures Trading Commission) website. Forex trading companies in the US have to have more than $20million capitalisation before they can operate and EU countries are now starting to use the same benchmark.


Before you deposit any money with a broker you need to find out about their reputation. Find out how long they’ve been trading in the foreign exchange market but don’t think that just because they’ve been in business for a long period of time they’re the best of the best. A new broker could offer more profits and greater usability. Ask friends, family and work colleagues if any of them have experiences they’d be willing to share. And also take some time to look at comments in some of the forex forums. A bad reputation will spread like wildfire across the foreign exchange market.

Trading Platform

There are a huge variety of different trading platforms but there are some more popular ones. MetaTrader 4 is possibly the favourite and the latest estimates are that it assists more than three quarters of all retail forex trading deals. Another popular one is ACTForex but there are plenty of others. Some brokers have their very own platform so it’s a good idea to make use of a demo account to see if it’s the right trading platform for you. Many online review sites have the option to compare usability of the various trading platforms to further help in your choice.


This is basically how much it’s going to cost you to do business with a specific broker. Spreads are used by a dealing desk or market trader. Their purpose is to match you with another interested party or play that part themselves. Their profit is made via the spread, with no further charges being incurred. A general rule of thumb is that the smaller the spread the less risk is involved. You could also encounter a true broker. But the difference with this type is that if another party cannot be found the transaction won’t take place. Although this would be very unusual it has been know to happen. Matching of order is done via an ECN (Electronic Communication Network) and a transaction cost will be incurred and commission paid.

Account Types

All top rated forex brokers will offer you a variety of accounts. A demonstration account, standard, mini or micro account are just a few examples of what might be on offer. Each type of account has its own pros and cons but the main difference is in the spread, which will also depend on the size of your transaction. A larger account will come with other advantages such as analysis of the markets, free training and regular news updates.

Customer Service

Because the best UK forex brokers trade 24 hours a day you might find yourself wanting to participate in a transaction in the middle of the night. Therefore you need to have contact with customer support at that time too. You should be able to contact them in several different ways, not just a phone line. Look for one that offers email communication as well as live chat too. Don’t get caught out by one that only offers help and advice during normal office hours.

Other Services

Many of the best online forex brokers offer a range of other services. All this makes a company more attractive and popular. You might be able to take advantage of the information and knowledge needed for forming an effective strategy and to participate in the market on a regular basis.
When looking for the best forex broker UK you should look at all they have to offer and not just concentrate on just one aspect of their service. Weigh up all the options and pick the right one for you.


Different Kinds of UK Forex Brokers

There are three players in the field of top rated forex brokers and you’ll have to decide for yourself which way of doing business is the best. The three players are:

No Dealing Desk

As the name implies there is no dealing desk. They obtain the best composite quotes from several forex quote providers. The broker then completes transactions and keeps an eye on and fills their clients orders. Sometimes they charge a commission but on the whole they increase the spread to make their profit.

Market Maker

This broker is a kind of a middle man.They take a risk by obtaining a certain currency and then try to off load it at a price that will make a profit.

Electronic Communications Network

This type of forex broker provides a marketplace where a range of different customers can buy and sell currency pairs in a trading environment that’s completely anonymous. ECN brokers usually charge a small fee for matching the traders.

Pick the Best Forex Broker and Don’t Get Caught Out by These Shady Practices

forex brokers ukOnly by finding the best UK forex broker can you avoid some very common tricks, designed to trip the novice up. To help you spot when you’re being hoodwinked let’s look at the most common examples of bad practice.
Reorders – much more common in the past but it’s still worth keeping an eye out for the practice of countering trades with alternative pricing. A practice definitely not condoned by the best forex broker UK.
Slippage – this practice means the broker will generate an additional couple of pips in profit on a given trade. For example if the price of execution is always higher than the one displayed on your screen (in a buying situation) look out for another broker immediately.
Pricing irregularities – this is a spike in the rates, often explained away as a glitch on the screen. But is actually an example of market manipulation.

Choosing one of the top rated forex brokers is a very important starting point for your incredible forex trading journey. You won’t be able to pick one out of the hat. It’s going to require some effort on your part. Don’t jump into bed with the first one you find but take your time and try out what they’re offering for free. Before you commit yourself to investing money try out the demo accounts being offered by the broker. this will get you a real feel for all that they’re offering and give you the opportunity to see if you like it.




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